YFM Equity Partners, the private equity group, has backed the management buyin of Bagel Nash, the Leeds-based specialist bagel bakery and coffee bar chain, for an undisclosed sum.
Established 24 years ago Bagel Nash operates 11 coffee and bagel bars spread across the North and the Midlands, including sites in Leeds, York, Huddersfield and Manchester. The company, which has its own artisan bakery, produces over 12 million bagels a year exporting to over 20 countries.
YFM Equity Partners, which backed Bagel Nash through three of its funds; Chandos and its two British Smaller Companies Venture Capital Trusts, said the new investment would also provide capital to finance the chain’s plans to open new outlets in the North, North-West and the Midlands and would further aid the growth of its wholesale and export trade.
The investment fund has backed Andy Micklethwaite as the new chief executive of the company and Sara Hildreth as retail operations director. Micklethwaite has 30 years of retail and food manufacturing experience. In 2000 he led the management buyin of food manufacturing business Symington’s, growing the business from £17m to a turnover of £55m.
Nigel Barraclough, investment director at YFM Equity Partners, said: “Bagel Nash has a fantastic reputation and is already well established in Yorkshire. This is a perfect example of our philosophy of investing in businesses that are undergoing transformational growth. We believe there is enormous potential for the business to expand into other regions and look forward to using both our experience and network to help Bagel Nash achieve this ambition.”
Micklethwaite said: “There is a huge appetite for a healthier alternative to the traditional sandwich and we believe that our bagel product can feed that demand. This investment from YFM Equity Partners will enable us to grow our products and open up more sites for our customers throughout the North and Midlands.”
